A faster way for investors to track documents, account numbers, transactions without the headaches of producing driver’s licenses, passports, some sort of identification that need to be faxed, mailed or scanned? Yes, it’s possible courtesy of a blockchain, and SEI Investments based in Oaks is jumping on board and offering clients such software.
First, what is blockchain? Think of an accountant’s old-fashioned paper ledger, the kind Santa uses to track naughty and nice children, but a ledger existing only virtually. Every time Santa adds or deletes someone, the ledger generates “code,” or blockchain, that verifies each boy or girl, name, age, and address, updated every minute of every day. The public can see Santa’s blockchain ledger but can’t change the list, writes Erin Arvedlund in the Philadelphia Inquirer.
SEI employs more than 3,600 full-time workers and is considered to be one of many financial firms programming a blockchain option through its SEI Trade, an in-house software that uses blockchain in wealth management. For now, though that option is available for Wall Street clients. SEI Trade helps investment managers solve the paperwork problem, tracking money going in and out of their hedge funds, private equity funds, and other vehicles.
In January, SEI also launched the SEI Blockchain Center of Excellence, enabling employees to take a 13-week course that builds an in-house team of certified experts “to explore use cases for this emerging technology,” said spokesperson Leslie Wojcik.
In March, SEI signed an agreement with Synechron, a consulting firm, to use its blockchain curriculum to train SEI’s internal team of experts, said Wojcik. So far, 90 SEI employees have completed the Synechron training.
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